Oil-producing states racked up more than N4 trillion in domestic debt

• Oil-producing states racked up more than N4 trillion in domestic debt
• The breakdown for Q1 2022

According to a recent National Bureau of Statistics (NBS) study on Nigeria’s domestic and external debt, the states that produce oil had a combined domestic debt stock of more than N4 trillion between Q1 2022 and Q2 2022.

Lagos State had the biggest internal debt stock of all the oil-producing states in the nation, according to NBS statistics viewed by Nairametrics. Lagos’ internal debt was N780.4 billion in Q1 2022 and N797.3 billion in Q2 2022.

Ten oil-producing states had a combined debt stock of N2.052 trillion in the first quarter of 2022. For the time period, no oil-producing state had any external debt.

The breakdown for Q1 2022

• Domestic debt in Abia totaled N91.4 billion
• The domestic debt stock for Akwa Ibom was N203.1 billion
• The domestic debt stock of Anambra State was N58.2 billion
• The domestic debt stock in Bayelsa State was N151.4 billion
• The domestic debt stock of Delta State was N163.4 billion
• The domestic debt stock of Edo State was N112.2 billion
• Imo State had an N204.6 billion domestic debt stock
• Lagos State had an N780.4 billion stock of domestic debt
• The domestic debt stock of Ondo State was N62.3 billion
• Domestic debt in Rivers State totaled N225.5 billion

READ MORE: Oil revenues decreased by N288 billion in Q3 – FG

Q2 2022 Composition: Both domestic and foreign loans were recorded by the oil-producing countries in Q2 2022. The total domestic debt held by the states as of Q2 2022 was N2.15 trillion. See the summary below:

• Abia State had an N95.6 billion stock of overseas debt and an N107.6 billion stock of domestic debt
• Akwa Ibom State had a stock of N46.5 billion in external debt and N203.9 billion in domestic debt
• Anambra State had a stock of N108.1 billion in external debt and N72.4 billion in domestic debt
• Bayelsa State had a stock of N60.8 billion in external debt and N150.4 billion in domestic debt
• Delta State had a stock of N60 billion in external debt and N378.8 billion in domestic debt
• The stock of domestic debt in Edo State was N112.1 billion, and the stock of external debt was N268.3 billion
• Imo State had a stock of N210.3 billion in domestic debt and N51.8 billion in external debt
• Lagos State had an N1.2 billion stock of overseas debt and an N797.3 billion stock of domestic debt
• Ondo State had an N93.1 billion stock of overseas debt and an N62.2 billion stock of domestic debt
• Rivers State had an N225.5 billion domestic debt stock and an external debt stock of N140.1 billion

For the record, according to the NBS statistics, the domestic debt of the countries that produce oil was N21.75 trillion (US$53.10 billion) as of Q2 2021 but increased to N26.23 trillion (US$63.24 billion) year over year by Q2 2022.